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Hong Kong Chosen For RMB Pilot

by Mary Swire, Tax-News.com, Hong Kong

29 November 2007


Hong Kong is the premier choice as a pilot point for running renminbi (yuan) business outside of mainland China, the territory's Chief Executive, Donald Tsang, has suggested.

Concluding his visit to Beijing last week, Tsang said that the Central Government and Mainland financial institutions, including the People's Bank of China, all fully support Hong Kong in expanding renminbi business. They also back Hong Kong in strengthening its status as a world financial centre, Tsang added.

On the initiative to allow Mainlanders to directly invest capital in Hong Kong's stock market, Tsang quoted Premier Wen Jiabao as explaining that it will be taken forward cautiously and pragmatically, to ensure the financial stability of Hong Kong and the Mainland.

Tsang further revealed that the Hong Kong Government will fully co-operate with the Mainland when the initiative is given the green light.

When asked about Premier Wen's suggestions that Hong Kong boost its efforts in four key areas - innovation, knowledge, talented people and the environment - Tsang announced that he fully agrees, and will go into them in depth to ensure that Hong Kong remains competitive.


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